Payday Loans For Wall Street? NYC Gives 'Em $45 Million!

More handouts for Wall Street

All he ever wanted to be was a banker...

Many Americans have found that during a financial emergency,  payday loans can help bridge the distance between paychecks. Some have even used the product for educational materials that help them retrain for better jobs. However, in New York (where pay day loans aren’t legal, to the state’s detriment), the state gives $45 million in state funds away for worker training. But you have to be a former Wall Street employee to enjoy a piece of that pie.

Wait a minute. New York City is spending $45 million to retrain former Wall Street employees for the workforce? Aren’t these employees already well-educated and skilled in a number of disciplines? In general, don’t they have to be before they’re even hired by a high-powered investment firm? Why do they merit $45 million in government funds for retraining, while other workers who couldn’t afford Wall Street educations continue to subsist from paycheck to paycheck?

Give them more rope

And so it goes. Patrick McGeehan of the New York Times reports that New York City Mayor Bloomberg has announced this training investment plan. In addition to the $45 million, the program will also “provide seed capital and office space for new businesses those laid-off bankers might create.”

Not only that, but Bloomberg’s plan includes the hope that foreign banks will come to New York and open up shop. Seems to me that would entail work being done in America by non-Americans, with significant portions of the profit being funneled out of America. Is that what the country needs right now? Keep profits here, keep Americans working and then perhaps consumers could afford to take fewer payday loans. ... click here to read the rest of the article titled "Payday Loans For Wall Street? NYC Gives 'Em $45 Million!"